SERSO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SERSO
Largest movements
- Receivables within one year +€303,624
up €303,624 (+20.5%), from €1.5m to €1.8m
of which Trade receivables: +€238,095
- Tangible fixed assets -€122,053
down €122,053 (-25.0%), from €488,334 to €366,281
of which Furniture and vehicles: -€95,468
- Deferred charges and accrued income -€52,627
down €52,627 (-77.0%), from €68,368 to €15,741
- Intangible fixed assets -€41,403
down €41,403 (-63.3%), from €65,403 to €24,000
- Cash -€29,279
down €29,279 (-35.3%), from €83,028 to €53,749
mainly Receivables within one year (-€303,624) and Trade debts (-€238,373)
- Accrued charges and deferred income +€247,874
up €247,874 (+3781.6%), from €6,555 to €254,429
- Trade debts -€238,373
down €238,373 (-61.1%), from €390,242 to €151,869
- Tax, wage and social debts -€194,326
down €194,326 (-31.0%), from €627,357 to €433,031
of which Taxes: -€507,412
- Short-term financial debts +€133,542
up €133,542 (+132.5%), from €100,750 to €234,293
- Reserves +€84,200
up €84,200 (+42.6%), from €197,739 to €281,939
of which Distributable reserves: +€84,200
- Gross operating margin -€450,473
down €450,473 (-15.8%), from €2.8m to €2.4m
- Staff costs +€178,643
up €178,643 (+10.1%), from €1.8m to €1.9m
- Taxes -€171,610
down €171,610 (-78.0%), from €219,977 to €48,368
- Financial income -€89,869
down €89,869 (-98.8%), from €91,000 to €1,131
- Depreciation -€54,803
down €54,803 (-19.5%), from €280,649 to €225,846
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,189,482 | €2,247,744 | +€58,262 | +2.7% |
| Fixed assets | 21/28 | €553,737 | €390,281 | -€163,456 | -29.5% |
| Intangible fixed assets | 21 | €65,403 | €24,000 | -€41,403 | -63.3% |
| Tangible fixed assets | 22/27 | €488,334 | €366,281 | -€122,053 | -25.0% |
| Plant, machinery and equipment | 23 | €63,215 | €40,235 | -€22,980 | -36.4% |
| Furniture and vehicles | 24 | €406,163 | €310,695 | -€95,468 | -23.5% |
| Other tangible fixed assets | 26 | €18,956 | €15,351 | -€3,605 | -19.0% |
| Current assets | 29/58 | €1,635,746 | €1,857,463 | +€221,717 | +13.6% |
| Amounts receivable within one year | 40/41 | €1,484,349 | €1,787,973 | +€303,624 | +20.5% |
| Trade receivables | 40 | €1,105,864 | €1,343,959 | +€238,095 | +21.5% |
| Other amounts receivable | 41 | €378,485 | €444,014 | +€65,529 | +17.3% |
| Cash at bank and in hand | 54/58 | €83,028 | €53,749 | -€29,279 | -35.3% |
| Deferred charges and accrued income | 490/1 | €68,368 | €15,741 | -€52,627 | -77.0% |
| Total equity and liabilities | 10/49 | €2,189,482 | €2,247,744 | +€58,262 | +2.7% |
| Equity | 10/15 | €218,140 | €301,128 | +€82,988 | +38.0% |
| Contributions | 10/11 | €20,200 | €20,200 | = | 0.0% |
| Reserves | 13 | €197,739 | €281,939 | +€84,200 | +42.6% |
| Non-distributable reserves | 130/1 | €20,720 | €20,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,720 | €20,720 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €92,819 | €177,019 | +€84,200 | +90.7% |
| Profit (loss) carried forward | 14 | €201 | -€1,010 | -€1,211 | |
| Amounts payable | 17/49 | €1,971,342 | €1,946,615 | -€24,727 | -1.3% |
| Amounts payable after more than one year | 17 | €564,030 | €536,121 | -€27,909 | -4.9% |
| Financial debts | 170/4 | €564,030 | €536,121 | -€27,909 | -4.9% |
| Amounts payable within one year | 42/48 | €1,400,758 | €1,156,066 | -€244,692 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €240,161 | €252,621 | +€12,460 | +5.2% |
| Financial debts | 43 | €100,750 | €234,293 | +€133,542 | +132.5% |
| Credit institutions | 430/8 | €100,750 | €234,293 | +€133,542 | +132.5% |
| Trade debts | 44 | €390,242 | €151,869 | -€238,373 | -61.1% |
| Suppliers | 440/4 | €390,242 | €151,869 | -€238,373 | -61.1% |
| Advances received on contracts in progress | 46 | €42,248 | €84,252 | +€42,004 | +99.4% |
| Taxes, remuneration and social security | 45 | €627,357 | €433,031 | -€194,326 | -31.0% |
| Taxes | 450/3 | €627,357 | €119,945 | -€507,412 | -80.9% |
| Remuneration and social security | 454/9 | - | €313,086 | +€313,086 | |
| Accrued charges and deferred income | 492/3 | €6,555 | €254,429 | +€247,874 | +3781.6% |
| Remuneration, social security and pensions | 62 | €1,769,280 | €1,947,923 | +€178,643 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €280,649 | €225,846 | -€54,803 | -19.5% |
| Other operating charges | 640/8 | €5,305 | €7,238 | +€1,933 | +36.4% |
| Non-recurring operating charges | 66A | €8,149 | €199 | -€7,950 | -97.6% |
| Gross operating margin | 9900 | €2,845,368 | €2,394,895 | -€450,473 | -15.8% |
| Operating profit (loss) | 9901 | €781,986 | €213,690 | -€568,296 | -72.7% |
| Financial income | 75/76B | €91,000 | €1,131 | -€89,869 | -98.8% |
| Recurring financial income | 75 | €91,000 | €1,131 | -€89,869 | -98.8% |
| Financial charges | 65/66B | €52,808 | €33,352 | -€19,456 | -36.8% |
| Recurring financial charges | 65 | €52,808 | €33,352 | -€19,456 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €820,178 | €181,468 | -€638,710 | -77.9% |
| Income taxes | 67/77 | €219,977 | €48,368 | -€171,610 | -78.0% |
| Profit (loss) for the period | 9904 | €600,201 | €133,101 | -€467,100 | -77.8% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €600,201 | €133,101 | -€467,100 | -77.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.